Understanding the Basics of the Home Affordable Modification Program

The Home Affordable Modification Program is available to people who are employed but are having difficulty making their monthly mortgage payments. By participating in HAMP, a homeowner can lower his or her monthly payments, making them more affordable and sustainable in the long-term. This can help a petitioner facing financial difficulties avoid filing for bankruptcy, escape foreclosure, and still keep his or her home.

Eligibility
Home Affordable Modification Process Chicago If someone is considering filing for bankruptcy, he or she should discuss HAMP with a bankruptcy lawyer. A Chicago bankruptcy attorney can help a petitioner determine whether or not he or she is eligible for HAMP. In general, petitioners need to have obtained their mortgages on or before January 1, 2009 in order to be eligible. In addition, petitioners must owe up to $729,750 on their primary residences or single unit rental properties. In order to qualify for HAMP, a homeowner should consult a foreclosure attorney to ensure that his or her income is sufficient to support a modified payment plan. Someone participating in HAMP also can’t have a felony conviction within the last 10 years in connection with a mortgage or real estate transaction.

Availability
The best way for someone to determine his or her HAMP eligibility is by consulting a mortgage service provider. This will help the petitioner determine whether or not his or her mortgage company participates in the program. If the mortgage company doesn’t participate in HAMP, it might be willing to discuss other foreclosure prevention programs. A mortgage company may also offer loan modification options, so it’s important for a petitioner to discuss these options with a bankruptcy attorney .

Application
In applying for HAMP, a homeowner needs to complete various forms and file them with his or her mortgage provider. A Chicago foreclosure attorney has the experience to ensure that these documents are completed accurately. Chicago bankruptcy attorneys understand how to fill out the Request for Mortgage Assistance Form and related IRS paperwork in Illinois. In addition, Chicago bankruptcy lawyers can help homeowners determine which mortgage loan modifications are best suited to their financial situations.

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